CAPITAL FIRST SECURITIES LIMITED BALANCE SHEET AS AT MARCH 31, 2018
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1 BALANCE SHEET AS AT MARCH 31, 2018 Note EQUITY AND LIABILITIES Shareholders' Funds Share Capital 3 673,556, ,556,000 Reserves and Surplus 4 (18,500,638) (195,051,527) 655,055, ,504,473 Non Current Liabilities Other Long term liabilities 5 85,788,789 69,853,801 Long term provisions 6 195, ,909 85,984,090 70,000,710 Current Liabilities Trade payables 7 Micro and Small Enterprises Other than Micro and Small Enterprises 1,659,954 1,495,186 Other current liabilities 8 60,661,415 54,456,388 Short term provisions 9 1,352,715 1,345,330 63,674,084 57,296,904 ASSETS TOTAL 804,713, ,802,087 Non Current Assets Non current investments ,800, ,800,000 Deferred tax assets (Net) 11 40,543,719 34,397,532 Other non current assets 12 16,720,584 15,722,825 Long term loans and advances 13 9,325,503 10,142, ,389, ,062,837 Current Assets Current Investments ,000, ,500,000 Trade receivables 15 84,518,780 4,633,696 Cash and bank balance , ,272 Short term loans and advances ,202 64,987, ,323, ,739,250 Summary of significant accounting policies 2.1 The accompanying notes to accounts are an integral part of the financial statements TOTAL 804,713, ,802,087 As per our report of even date For B S R & Co. LLP ICAI Firm Registration No W/W Chartered Accountants For and on behalf of the Board of Directors of CAPITAL FIRST SECURITIES LIMITED Manoj Kumar Vijai Anand Rai Gourav Mardia Partner Managing Director, Company Director Secretary & CFO Membership No DIN DIN ' Place: Mumbai Place: Mumbai Date: April 28, 2018 Date: April 28, 2018
2 STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2018 Note Income Revenue from Operations ,558, ,629,689 Other Income 19 20,511,043 15,152,810 Total revenue 241,069, ,782,499 Expenses Employee benefits expense 20 18,507,214 15,096,061 Finance costs ,081 Other expenses 22 5,446,886 3,204,886 Total Expenses 23,955,032 18,310,028 Profit before tax 217,114, ,472,471 Tax expense: Current tax 21,740,001 Minimum Alternate Tax 46,710,000 Deferred tax (6,146,187) (34,397,532) 40,563,813 (12,657,531) Profit after tax 176,550, ,130,002 Earnings per Equity Share: 23 Basic (Face value of Rs. 10/) Diluted (Face value of Rs. 10/) Summary of significant accounting policies 2.1 The accompanying notes to accounts are an integral part of the financial statements As per our report of even date For B S R & Co. LLP ICAI Firm Registration No W/W Chartered Accountants For and on behalf of the Board of Directors of CAPITAL FIRST SECURITIES LIMITED Manoj Kumar Vijai Anand Rai Gourav Mardia Partner Managing Director, Company Director Secretary & CFO Membership No DIN DIN ' Place: Mumbai Place: Mumbai Date: April 28, 2018 Date: April 28, 2018
3 CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2018 Amounts in Rupees March, 2017 Profit before tax 217,114, ,472,471 Adjustments for: Excess Provision written back (115,725) (570,903) Provision for doubtful advances Provision for Gratuity 49, ,705 Profit on sale of Investment (19,286,694) (13,048,424) Interest Income (1,108,624) (1,045,795) Provision for doubtful advances 1,500,000 (18,961,871) (14,517,417) Operating Profit Before Working Capital Changes 198,152, ,955,054 (Increase)/ decrease in trade and other receivables (Increase)/Decrease in short term loans & advances 63,707,321 (47,349,013) ( Increase)/ Decrease in trade receivables (81,385,084) (4,626,088) Increase/ (decrease) in trade payables 164, ,094 Increase/ (decrease) in other current liabilities 22,255,740 31,705,278 Increase/ (decrease) in short term provisions 6,604 17,692 4,749,349 (19,590,037) Cash from /(used) in operations 202,902,180 96,365,017 Income taxes (refund)/paid (45,893,023) (19,454,586) Net Cash from Operating Activities 157,009,157 76,910,431 Cash flows from investing activities Purchase of Investments (370,000,000) (606,300,000) Proceeds from sale of investments 211,786, ,748,425 Interest received 1,108,624 1,045,795 Net cash (used in) / from investing activities (157,104,682) (80,505,780) Cash flows from financing activities Net cash used in financing activities Net decrease in cash and cash equivalents during the year (95,525) (3,595,351) Cash and cash equivalents at beginning of year 618,272 4,213,623 Cash and cash equivalents at end of year 522, ,272 Cash & Cash equivalents: Cash on hand and bank balances 522, ,272 Total 522, ,272 Note: 1 The above Cash Flow Statement has been prepared under the Indirect Method as set out in Accounting Standard (AS) 3 'Cash Flow Statements' as notified under Section 133 of the Companies Act, 2013 ('the Act') read together with Rule 7 of the Companies Accounts Rules, 2014 and the Companies (Accounting Standard) Amendment Rule Cash and cash equivalents in the balance sheet comprises of Cash in hand and Cash at bank. As per our report of even date For B S R & Co. LLP ICAI Firm Registration No W/W Chartered Accountants For and on behalf of the Board of Directors of Capital First Securities Limited Manoj Kumar Vijai Anand Rai Gourav Mardia Partner Managing Director, Company Secretary & CFO Director Membership No DIN DIN ' Place: Mumbai Place: Mumbai Date: April 28, 2018 Date: April 28, 2018
4 1 CORPORATE INFORMATION Capital First Securities Limited ( CFSL or the Company ) has surrendered its license with the National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange Limited (BSE) and has received necessary final approvals from Securities & Exchange Board of India (SEBI). The Company is in the business of advisory, business support services and loan syndication. 2 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared to comply in accordance with the Accounting Standards ( AS ) notified under section 133 of the Companies Act, 2013 (the Act') read together with Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Accounting Standard) Amendment Rule 2016 and other accounting principles generally accepted in India (IGAAP). The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of Financial Statements are consistent with those used in the previous year. 2.1 (a) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Current/ Non Current classification of assets and liabilities As required by Schedule III, the Company has classified assets and liabilities into current and noncurrent based on the operating cycle. An operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. Since the operating cycle for the Company is not readily determinable, the operating cycle has been considered as twelve months. (b) (c) Use of estimates The preparation of financial statements in conformity with IGAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods. Investments Investments that are readily realisable and intended to be held for not more than a year are classified as current investments. All other investments are classified as non current investments. Current investments are carried at lower of cost and fair value determined on an individual investment basis. NonCurrent investments are carried at cost. However, provision for diminution in value is made to recognise a decline other than temporary in the value of the investments. (d) Revenue recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Fee income Fee income is amortised over the servicing period. The unamortised balance is being disclosed as part of current liabilities. Fee income on recruitment services is recognised based on completion of services. Commission and brokerage income Commission and brokerage income earned for the services rendered are recognised as and when they are due and amortised over the tenure of the service agreement. Interest Income Interest income from loans is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable. Dividend Income Dividend is recognized as income when the right to receive payment is established. Profit/ Loss on sale of investments On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the statement of profit and loss account. (e) Retirement and other employee benefits Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no obligation, other than the contribution payable to the provident fund. The Company recognizes contribution payable to the provident fund scheme as an expenditure, when an employee renders the related service. If the contribution payable to the scheme for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the balance sheet date, then excess is recognized as an asset to the extent that the pre payment will lead to, for example, a reduction in future payment or a cash refund. Gratuity The Company provides for gratuity, a defined benefit retirement plan covering all employees. The plan provides for lump sum payments to employees upon death while in employment or on separation from employment after serving for the stipulated year mentioned under The Payment of Gratuity Act, The Company accounts for liability of future gratuity benefits based on an external actuarial valuation on projected unit credit method carried out for assessing liability as at the reporting date. Leave encashment Earned leave during the financial year and remaining unutilized will be encashed at the year end based on basic salary. The Company presents the entire leave as a current liability in the balance sheet, since it does not have an unconditional right to defer its settlement for twelve months after the reporting date.
5 (f) Income Taxes Tax expense comprises current and deferred tax. Current incometax is measured at the amount expected to be paid to the tax authorities in accordance with the Incometax Act, 1961 enacted in India and tax laws prevailing in the respective tax jurisdictions where the company operates. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date. Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit and loss. Deferred income taxes reflect the impact of timing differences between taxable income and accounting income originating during the current year and reversal of timing differences for the earlier years. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted at the reporting date. Deferred income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit and loss. Deferred tax liabilities are recognized for all taxable timing differences. Deferred tax assets are recognized for deductible timing differences only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. In situations where the company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits. The carrying amount of deferred tax assets are reviewed at each reporting date. The Company writesdown the carrying amount of deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which deferred tax asset can be realized. Any such writedown is reversed to the extent that it becomes reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available At each reporting date, the company reassesses unrecognized deferred tax assets. It recognizes unrecognized deferred tax asset to the extent that it has become reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realized. Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax. The company recognizes MAT credit available as an asset only to the extent that there is convincing evidence that the company will pay normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in which the company recognizes MAT credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum Alternative Tax under the Incometax Act, 1961, the said asset is created by way of credit to the statement of profit and loss and shown as MAT Credit Entitlement. The company reviews the MAT credit entitlement asset at each reporting date and writes down the asset to the extent the company does not have convincing evidence that it will pay normal tax during the specified period. (g) (h) Provisions A provision is recognised when the Company has a present obligation as a result of past event; it is probable that outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estismates. Contingent Liabilities A Contingent Liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements. (i) (j) Cash and Cash Equivalents Cash and Cash Equivalents for the purpose of cash flow statement comprise cash in hand and cash at bank including fixed deposit with original maturity period of three months and short term highly liquid investments with an original maturity period of three months or less. Earnings per share Basic earnings per share are calculated by dividing the net profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
6 3 Share Capital: Number of shares Number of shares Authorized: Equity shares of Rs. 10/ each 62,000, ,000,000 62,000, ,000,000 Cumulative, NonConvertible and 3,800, ,000,000 3,800, ,000,000 Redeemable Preference Shares of Rs. 100/ each 65,800,000 1,000,000,000 65,800,000 1,000,000,000 Issued, subscribed and fully paid up: Number of shares Number of shares Equity Share Capital Equity shares of Rs. 10/ each fully paid up 55,355, ,556,000 55,355, ,556,000 Preference Share Capital Preference share capital of Rs. 100/ each fully paid up 1,200, ,000,000 1,200, ,000, Reconciliation of number of shares outstanding at the beginning and at the end of the reporting year 673,556, ,556,000 Number of shares Number of shares At the beginning of the reporting year 55,355, ,556,000 55,355, ,556,000 Issued during the reporting year Bought back during the reporting year At the close of the reporting year 55,355, ,556,000 55,355, ,556,000 Preference Shares Number of shares Number of shares At the beginning of the reporting year 1,200, ,000,000 1,200, ,000,000 Issued during the reporting year Redeemed during the reporting year At the close of the reporting year 1,200, ,000,000 1,200, ,000, Terms / rights attached to equity shares The Company has only one class of equity shares having a par value of Rs. 10/ per share. Each holder of equity shares is entitled to one vote per share. The dividend, if any is proposed by the Board of Directors and is subject to the approval of shareholders in the ensuing Annual General Meeting. In the event of liquidation of Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. 3. Terms / rights attached to Preference shares 1,200,000, 13% Cumulative, NonConvertible, Redeemable Preference Shares (CNCRPS) confer on the holders thereof the following rights and privileges: i) The Board of Directors of the Company at their meeting held on January 22, 2018 approved the proposal for extending the period of redemption of 12,00,000, 13% Cumulative, NonConvertible, Redeemable Preference Shares of face value of Rs.100/ each fully paid up held by it for futher two years from due date of redemption March 25, 2018 to March 25, ii) the right to a cumulative preferential dividend of 13% on the nominal value of the CNCRPS every year, till the redemption of these CNCRPS, subject to the availability of distributable profits, free of Company s Incometax, but subject to deduction of taxes at source at the rate or rates prescribed from time to time. The dividend will be calculated on a day count of 365 days a year basis and are cumulative in nature. The dividend shall be paid to such Preference Shareholders whose names appears on the Register of Preference Shareholders on the Record Date, as may be declared by the Company. (iii) the right in the event of winding up to the payment of such capital and arrears of dividend, whether earned, accrued, declared or not, down to the commencement of the winding up in priority to the equity Shares but shall not confer any further right to participate in profits or assets. (iv) Except as provided under section 47 of the Companies Act, 2013, Preference Shareholders have no voting rights. The CNCRPS shall carry a preferential right over the Equity Shares of the Company as regards to payment of dividend and as regards to repayment of the capital in the event of winding up. On maturity the Preference shareholder will be redeemed at the face value. 4. Shares held by the Holding Company : All the Equity and Cumulative, NonConvertible, Redeemable Preference Shares are held by the holding company Capital First Limited (including nominees) 5. Shareholders holding more than 5% shares in the Company Equity Share Capital Capital First Limited 55,355,600 Equity Shares 100% (Previous Year Capital First Limited 55,355,600 Equity Shares 100%) Preference Share Capital Capital First Limited 1,200,000 Cumulative, NonConvertible, Redeemable Preference Shares 100% (Previous Year : Capital First Limited 1,200,000 Cumulative, NonConvertible, Redeemable Preference Shares 100%) 6. For a five year period immediately preceding the date at which Balance Sheet is prepared: a. No Shares were allotted as fully paid up pursuant to contract(s) without payment being received in cash b. No Shares were allotted as fully paid up by way of bonus shares. c. No Shares were bought back.
7 4 Reserves and Surplus: Securities Premium Account Balance as per last Balance Sheet 236,140, ,140,800 Statement of Profit & Loss Balance as per last Balance Sheet (431,192,327) (574,322,329) Profit for the year 176,550, ,130,002 Deficit in the Statement of Profit & Loss (254,641,438) (431,192,327) (18,500,638) (195,051,527) 5 Other Long term liabilities Unamortised Fees 85,788,789 69,853,801 85,788,789 69,853,801 6 Long term provisions Provision for Gratuity (Refer note no. 29) 195, , , ,909 7 Trade Payables (i) Micro and Small Enterprises (Refer note no. 27) (ii) Other than Micro and Small Enterprises 1,659,954 1,495,186 1,659,954 1,495,186 8 Other current liabilities: Other Liabilities 35,137 Unamortised Fees 54,595,883 49,268,717 Statutory dues 6,065,532 5,152,534 60,661,415 54,456,388 9 Short term provisions: Provision for contingencies (Refer note no. 28) 1,326,842 1,326,842 Provision for Leave Incashment 24,297 17,692 Provision for Gratuity (Refer note no. 29) 1, ,352,715 1,345,330
8 10 Non Current Investments: Details of Investments Quantity Quantity Trade Investments (Valued at cost unless stated otherwise) Investment in Equity Instruments (Unquoted): Investment in subsidiary (in fully paid up equity shares of Rs. 10 each) Capital First Commodities Limited 28,325, ,800,000 28,325, ,800,000 Total 28,325, ,800,000 28,325, ,800,000 Additional Information: Aggregate value of quoted investment Aggregate value of unquoted investment 282,800, ,800,000 Market value of quoted investment
9 11 Deferred tax Asset Deferred tax Asset Unamortised processing fees 40,486,939 34,354,934 Provision for retirement benefits 56,779 42,598 Total 40,543,719 34,397, Other non current assets Balances with banks in deposit accounts exceeding twelve months maturity 14,781,610 14,781,610 Interest accrued but not due on fixed deposits 1,938, ,215 Total 16,720,584 15,722, Long term loans and advances Long term loans and advances (Unsecured considered good unless stated otherwise): Security Deposits 500, ,000 Advance Tax (net of provision for tax) 8,825,503 9,642,480 Total 9,325,503 10,142, Current Investments Investments in Mutual funds: (Valued at cost or Net Asset Value whichever is less) Reliance Liquid Fund Treasury PlanDirect Growth Plan 50,000,000 64,500,000 (Quantity units, (Previous year units)) Invesco Mutual Fund Liquid Fund Direct Plan Growth 50,000,000 64,000,000 (Quantity units, (Previous year units)) Mahindra Liquid Fund Growth 50,000,000 64,000,000 (Quantity units, (Previous year units)) LIC MF Liquid Fund Direct Growth Fund 50,000,000 (Quantity units, (Previous year NIL units)) UTI Money Market FundInstitutional PlanDirect PlanGrowth 50,000,000 (Quantity units, (Previous year NIL units)) HSBC Cash PlanGrowth Direct Plan 50,000,000 (Quantity units, (Previous year NIL units)) Aditya Birla Sun Life Cash PlusGrowth Direct Plan 10,000,000 (Quantity units, (Previous year NIL units)) SBI Premier Liquid FundDirect PlanGrowth 40,000,000 (Quantity units, (Previous year NIL units)) DHFL Pramarica Insta Cash Plus FundDirect PlanGrowth 10,000,000 (Quantity units, (Previous year NIL units)) IDBI Liquid FundDirect PlanGrowth 10,000,000 (Quantity units, (Previous year NIL units)) Total 370,000, ,500,000 Net Asset Value of units in mutual funds 370,574, ,335, Trade receivables Trade receivables Outstanding for a period exceeding six months from the date they are due for payment Unsecured, considered good Unsecured, considered doubtful Other debts Unsecured, considered good 84,518,780 4,633,696 Unsecured, considered doubtful 1,500,000 86,018,780 4,633,696 Less: Provision for doubtful advances (1,500,000) Total 84,518,780 4,633,696
10 16 Cash and Bank Balances Cash and Cash Equivalent Balances with banks in current accounts 522, ,272 Total 522, , Short term loans and advances Short term loans and advances (Unsecured considered good unless stated otherwise) : Advances recoverable in cash or kind or for value to be received Unsecured, considered good 282,202 64,987,282 Unsecured, considered doubtful 96,684 96, ,886 65,083,966 Less: Provision for doubtful advances (96,684) (96,684) Total 282,202 64,987,282
11 18 Revenue from operations: Revenue from operations: Sale of Services: BroFee Income 220,558, ,629,689 Total 220,558, ,629, Other Income: Profit on sale of investments 19,286,694 13,048,424 Interest income on fixed deposits 1,108,624 1,045,795 Interest on Income Tax Refund 341,575 Liabilities written back 146,113 Miscellaneous income 115, ,903 Total 20,511,043 15,152, Employee Benefit Expenses: Salaries and bonus 18,180,124 15,096,061 Contribution to provident and other funds 327,090 Total 18,507,214 15,096, Finance Costs: Bank charges 932 9,081 Total 932 9, Other expenses: Rent 1,987,593 2,177,528 Repair and maintenance 64,649 Rates and taxes 57,227 3,440 Auditor's remuneration as auditor 250, ,000 Tax audit fees 50,000 50,000 for reimbursement of expenses 16,000 15,300 Directors sitting fees 360, ,750 Legal and professional charges 326, ,009 Provision for doubtful advances 1,500,000 Sundry balances written off 4,210 Donation (Refer Note below) 900,000 Total 5,446,886 3,204,886 Notes: (i) During the year, the Company has contributed Rs. 900,000 (Previous Year: Rs. Nil) towards Corporate Social Responsibility('CSR') expenditure being revenue in nature under Section 135 of the Companies Act, 2013 read with Schedule VII to the said Act. (ii) Details of CSR spent during the financial year: a) Gross amount required to be spent by the company during the year is Rs. 881,379 b) Amount spent during the year on: In cash Yet to be paid in cash Total i) Construction/acquistion of any asset ii) On purposes other than (i) above 900, Earnings per equity share (EPS): Basic and Diluted EPS Profit for the year 176,550, ,130,002 Less: Dividend on preference shares 15,600,000 15,600,000 Net Profit considered for Basic EPS 160,950, ,530,002 Weighted average number of equity shares 55,355,600 55,355,600 Nominal value per equity share (Rs.) Earnings per equity share (Rs.)
12 24 Contingent liabilities Incometax matters under dispute* Dividend on 13% Cumulative, Non Convertible and Redeemable Preference Shares Amounts in Rupees 905, ,738 78,299,178 62,699,178 * Future cash outflows are determinable only on receipt of judgements /decisions pending with various forums/authorities. 25 Related Party Disclosures Names of related parties where control exists: Relationship Name of the Party Ultimate Holding Company Cloverdell Investment Ltd. (Upto May 17, 2017) Holding Company Subsidiary Fellow Subsidiary Capital First Limited Capital First Commodities Limited Capital First Home Finance Limited Refer Annexure 1 & 1A for the transactions with related parties 26 Segment Reporting Since the Company has only one reportable business segment of advisory, business support services and loan syndication as primary segment and it operates in a single geographical segment within India, no disclosure is required to be given as per Accounting Standard 17 'Segmental Reporting' as notified under Section 133 of the Companies Act, 2013 ('the Act') read together with Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Accounting Standard) Amendment Rules, Dues to Micro, Small and Medium Enterprises as per the Micro, Small and Medium Enterprises Development (MSMED) Act, TherearenoMicroandSmallEnterprises,towhom thecompanyowesdues,whichareoutstandingformorethan45daysasatmarch31, The information as required to be disclosed under Micro, Small and Medium Enterprises Development Act 2006 (Act) has been determined to the extent such parties have been identified on the basis of information available with the Company. 28 Other Provisions The provision for contingencies created to the extent of stamp duty on trades done in earlier years, stamp duty pertains to states wherein procedure and payment is not prescribed. The Management on a conservative basis has created the provision for the same. 29 Postemployment benefit plans The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn) for each completed year of service. Gratuity expense has been included in 'Contribution to provident fund and other funds' under Personnel expenses. The following table summaries the components of net benefit expense recognized in the statement of profit and loss and amounts recognized in the balance sheet for the respective plans.
13 A. Change in Present Value of Obligation Changes in Benefit Obligation Liability at the beginning of the year 147,705 Current Service Cost Interest Cost 42,394 11,285 Prior Service cost Vested Benefit Benefit Paid Actuarial (gain)/loss on obligations (4,507) Liability at the end of the year 196,877 March 31, , , ,705 B. Amount recognised in the Statement of Profit and Loss March 31, 2017 Current Service Cost 42,394 42,848 Past Service cost 104,856 Interest Cost on obligation 11,285 Actuarial (Gain) or Loss (4,507) Expense Recognised in Profit and Loss Account 49, ,704 C. Fair value of Plan Assets March 31, 2017 Fair value at the beginning of the year Actual Return on plan assets Employer Contribution Employee Contribution Benefit Paid Fair Value of plan assets at the end of the year Excess of actual over estimated return on plan assets D. Reconciliation of Balance Sheet Present Value of the Obligation as at the beginning of the year Total expense recognised in the Statement of Profit and Loss Benefits paid Present Value of the Obligation as at the end of the year 49,172 March 31, , , , ,705 The principal assumptions used are as below: Actuarial Assumptions Future Salary Rise Rate of Discounting 8% 7.87% 8% 7.64% Experian adjustment on present value of benefit obligation and plan assets Actuarial Assumptions (Gain)/ Loss on Plan Liabilities 1 3,227 % of Opening Plan Liabilities 0% 2.18% (Gain)/(Loss) on Plan Assets % of Opening Plan Assets 0% 0% The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market. Since the Company has not funded its gratuity liability there are no returns on the planned assets and hence the details related to changes in fair value of assets have not been given.
14 30 The Company s pending litigations comprise of claims against the Company primarily proceedings pending with Tax authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a material adverse effect on its financial statements. Refer note 24 for details on contingent liabilities. 31 The Company did not have any long term contracts Including derivative contracts for which there were any material forseeable losses 32 The disclosures regarding details of specified bank notes held and transacted during 8 November 2016 to 30 December 2016 has not been made since the requirement does not pertain to financial year ended 31 March Corresponding amounts as appearing in the audited Standalone financial statements for the year ended 31 March 2017 have been disclosed: Closing cash in hand as on (+) Permitted receipts () Permitted payments () Amount deposited in Banks Closing cash in hand as on Other SBNs denominatio n notes Total Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil 33 Previous year s amounts have been audited by predecessor auditors. 34 Prior period comparatives Figures for previous year/ year have been regrouped and/or reclassified wherever considered necessary, to conform to current year' classification.
15 Annexure 1 Transactions with Related parties Relationship Holding Company Subsidiaries/ Fellow Subsidiaries Key Management Personnel Year April 01,2017 to April 01,2016 to April 01,2017 to April 01,2016 to April 01,2017 to April 01,2016 to Sale of goods/services 121,220, ,262,275 15,850,000 4,565,000 Purchase of goods/services 11,087,958 10,384,423 Loans/ Advances Given 57,113,000 4,564,931 Receipt /(Payment) against sales / purchase of Good & Services 147,535,986 Loans/ Advances Taken / Received back 7,388,000 4,564,931 Directors remunaration 100,000 Closing Balances : Receivable /(Payable) Advances Recoverable /(Payable) 80,387,780 60,006,643 4,104,000 4,530,750
16 Annexure 1A Transactions with Related parties April 01,2017 to April 01,2016 to April 01,2017 to April 01,2016 to Key Management Personal April 01,2017 to April 01,2016 to Sale of goods/services Capital First Limited 121,220, ,262,275 Capital First Home Finance Limited 15,850,000 4,565,000 Total 121,220, ,262,275 15,850,000 4,565,000 Purchase of goods/services Capital First Limited 11,087,958 10,384,423 Total 11,087,958 10,384,423 Receipt /(Payment) against sales / purchase of Good & Services Capital First Commodities Limited Capital First Limited 147,535,986 Total 147,535,986 Loans/ Advances Given Capital First Limited 57,113,000 4,564,931 Total 57,113,000 4,564,931 Loans/ Advances Received Back Capital First Limited 7,388,000 4,564,931 7,388,000 4,564,931 Managerial Remunaration Mr. Anand Rai 100,000 TOTAL 100,000 Closing Balance Holding Company Subsidiaries/ Fellow Subsidiaries Advances Recoverable Capital First Limited 80,387,780 60,006,643 Capital First Home Finance Limited 4,104,000 4,530,750 Total 80,387,780 60,006,643 4,104,000 4,530,750
CAPITAL FIRST SECURITIES LIMITED BALANCE SHEET AS AT MARCH 31, 2017
BALANCE SHEET AS AT MARCH 31, 2017 Note As at Amount in Rupees As at EQUITY AND LIABILITIES Shareholders' Funds Share Capital 3 673,556,000 673,556,000 Reserves and Surplus 4 (195,051,527) (338,181,529)
More informationBALANCE SHEET AS AT MARCH 31, 2018 Amount in Rupees. Note
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